I am trying to find out the Standard Deduction on federal income tax broken down by the payroll period (weekly,biweekly, etc....) Anyone know where I can get it? Thanks, Oran
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- posted
17 years ago
Standard Deduction
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17 years ago
IRS Publication 15.
-- Phil Marti Clarksburg, MD
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17 years ago
It doesn't quite work that way, but for all you ever wanted to know about calculating income tax withholding, see IRS Publication 15.
-- Rich Carreiro snipped-for-privacy@animato.arlington.ma.us
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17 years ago
The Standard Deduction (for your filing status) has no connection to whatever payroll schedule you happen to be on. So, what is this going to do for you? The easiest answer is to divide the SD by the number of pay periods in a year. Should be a pretty easy chart to construct. Just realize that you qualify to use the standard deduction whether you work for one week, one month or one year.
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17 years ago
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17 years ago
Try arithmetic. STD/52 or STD/26 or STD/12 or STD/24. You can find the 2007 STD in the 2007 Form 1040-ES:
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-- Alan
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17 years ago
Easy. Just take the annual deduction (10,300, 5150, etc (for 2006) and divide by 52 (weekly) 26 (bi weekly), 24 (semi monthly or 12 (monthly). And if you're concerned with 2007, use those amounts.
ChEAr$, Harlan Lunsford, EA n LA